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Omnicell, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $282.4 million from $298.7 million in the same quarter the previous year. This decrease is attributed to lower volumes from the automated dispensing systems business.
Product revenues decreased to $158.4 million from $188.8 million, representing a 16% decline, while service revenues increased to $124.1 million from $109.9 million, reflecting a 13% increase.
Cost of product revenues decreased to $94.4 million from $106.3 million, while cost of service revenues increased to $65.7 million from $60.4 million.
Gross profit for the quarter was $122.3 million, compared to $132.0 million in the previous year, with the decline attributed to lower product revenues.
Research and development expenses decreased to $21.2 million from $24.3 million, and selling, general, and administrative expenses decreased to $94.5 million from $104.0 million.
Net income for the quarter was $8.6 million, up from $5.6 million in the previous year.
Cash provided by operating activities was $131.4 million, while cash used in investing and financing activities was $39.2 million and $1.1 million, respectively.
Omnicell had a working capital of $49.7 million as of September 30, 2024. The company maintains its focus on advancing the industry vision of the Autonomous Pharmacy.
The filing also details various financial agreements, including a Second Amended and Restated Credit Agreement providing a revolving credit facility of $350.0 million.
Omnicell continues to invest in research and development to address challenges in medication management and support the Autonomous Pharmacy vision.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Omnicell Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.